Bitcoin Reaches New Peak: Is $120K Next?

user avatar

by Giorgi Kostiuk

2 years ago

Today, Bitcoin (BTC) set a new all-time high of $109,114.88, briefly reclaiming a market capitalization of $2.15 trillion. However, its price dropped to $108,241.38 shortly thereafter.

Bitcoin's Record Price

Bitcoin saw a 3.82% rise over the last 24 hours, leading to a new peak. However, following the peak, its value decreased by 1.2%.

Analytical View on Future Movements

Crypto analyst EGRAG CRYPTO emphasized the importance of BTC closing a four-hour candle above $109K to sustain momentum toward $120,000.

BTC did not close as NEW ATH: Now let's try the second Candle 3 hours 55 mins to go.EGRAG CRYPTO

Technical Analysis and Prospects

Previously, EGRAG suggested that Bitcoin needs to close a weekly candle above $103,000 to set the path for a test of $127,000. Additionally, the analyst warned that a retest of $77,000–$80,000 could occur before further upside.

While Bitcoin continues to surprise with its rapid ascent, analysts highlight the importance of key price levels for predicting further market changes.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Blockchain.com and NYSE Join Forces to Launch Tokenized Trading Platform

Blockchain.com and the New York Stock Exchange have signed an agreement to develop a platform for trading tokenized US stocks and ETFs.

user avatarLeo van der Veen

Circle Launches StableFX for Onchain Foreign Exchange

Circle has launched StableFX, a service for institutions to exchange stablecoin-denominated currencies on its blockchain, Arc, enabling 24/7 currency exchanges and improving foreign exchange efficiency.

user avatarLi Weicheng

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.